Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-02-02
Stauuton Spectacle.
WEDNESDAY. FEBRUARY 2, 1882.
The Currency.

The Currency.
The National Treasury is overlooking
with money, and there seems to be danger
in the distance by the extinguishment OF
tho public debt to which it is applied, IN
that the volume of currency will be far
short of the amount it should be. The
amount of circulation through the medium
of the National Banks being based on gov
eminent bonds held by them, which, being
gradually called in for extinguishment, in
that proportion curtails that plan for emit
ting bills of credit 1t is no new conclu-
sion in relation to the financial policy of
the government to say that it is collecting
too much money from the people, and pur-
suing policy, the effect of which is to re-
strict instead of to widen the opportunities
for development and progress. AS the
National debt diminishes, so does the
volume of the circulating medium, and
this acts in two-fold manner in injury to
the public interests-by curtailment, WHOM
according to ell just laws of political
economy. tl6lC SnOulO NC CA pdAolOh' LIZ
increase of population, the immense IA
piditv which marks the progress of the
avenues of trade and the growing agricul-
tural and other industrial interests all re-
curing in their steady forward course
greater amount of money have excited ap-
prehensions as to the future which should
be dissipated by timely action that will
provide for the contingency that witnesses
the extinguishment of the basis of the
National Bank-note circulation. The re-
port of the Comptroller of the Currency
Mr.. Trenhalm, reviews the whole question,
aud, after referring to the circumstances of
the country when the National Bank sys-
tenn was established, and the diminishing
process now going on, when there should
bs an enlargement of their usefulness, says !:
"The National Banks have become numer-
Gus, widely distributed, and intimately
identified with the varied industries by
which our entire population literally OBJ
tain their daily bread, but during the same
time the rapid reduction of tho funded
dsbt of the government has been intro
ducing into the very basis of the system an
element of instability which now hampers
its extension, impairs its usefulness, and
even threatens it's continued existence,
while there are still great areas of coun-
try in which the natural resources are await
ing development by just such means as
these banks might be made to supply
The character which the National debt
has assumed, furnishing the highest grade
of responsibility for National Currency
has become chief cornerstone of strength
and power to the whole country. Without
changing cur economy in this particu an
when there is no need fer it, the legislation
which would reduce the income of the gov
erunent to mere support leaving oehi
to be carried because Of its value in the
matter Of furnishing an ample and stable
currency, would be a judicious policy
That which has done so well, should not be
allowed 10 fail at any point, especially
when it is questionable if lis equal can BIZ
fnuEd IL certainly will not be in a revival
of issues by State banks, as some wlitc9F,
discussing the question, are favoling IS q
substitute for The National Bank-note cir
culation which in time must cease unless
the policy of the government in collecting
taxes off the people 10 Fundamentally
changed. Nothing that is not national i'll
its character and everywhere alike avail
- 80, 49, +a1y In ~
the bonds of the government in the e!a-
lions they bear to The currency. In the
progress Of legislation, the National bank
notes can receive the stamp Of perfection
the revenues of the government, for there
should not be a special kind of money with
which only certain taxes can be paid The
fact that National bank-netes are equal to
gold is not the question. The principle
which establishes any part of the income OF
the government upon higher plano than
that whe7eon the general business of the
country has to rest is wrong and uusound
and should be C OH ected.
Whatever may be the different views OF
theories as to the relations between the
States aud the General Government in III
matters of regulating trade and intercourse,
it seems to he pretty we'll established that
modern commerce has no State bounds
This conclusion is quite effective in its ap-
plication to the government not only to
provide National currency now more th II
ever demanded as such, but also because OF
the widening avenues of trade which the
country cannot allow to fall shert Of theii
purposes in bringing every part of the
Union into the closest relations of CONNER
cial as well as political unity.
Reduce the taxes, which especially have
stop the drain from impoverished COM
muuities into the Federal treasury, which
is able without these instalments to meet
every demand upon it even to munifcence
in its expenditures. As the debt of the
Nation in its associations with the currency
has developed conservative power of great
advantage, so it might be allowed to re.
main in its blended functions to enlarge
opportunities for development and to steady
the government and the pursuits of the
people.
TENNEssEE's NEW SENAToR.-The cleo
tion Of the Hon. VIM. B. Bate 10 the
United States Senate by the Democrats OF
the Tennessee Legislature is heartily H.
dorsed by tie Democratic press of that
State. The annexed, from the Memphis
AralancAe, seems to voice the general
sentiment Sin every relation of life, pub
lie and private, military and civil, he has
borne himself as a brave, upright, honor
able gentleman, and we congratulate beth
him and his native State upon the selec
ton"
Hon. Prank HiScOck tie Rennhlican